The stock market's cheerleaders may be running onto the field, but the sidelines are safer and only slightly less attractive these days. Spencer Jakab joins Markets Hub. Photo: Getty Images.

This transcript has been automatically generated and may not be 100% accurate.

... I ... she ... bought this rally may be too much cheering ... went on them still push and pull on I think he could happen to someone ... Olive has been a lot of talk about this rally a lot about the next bull market in coming ... hasn't been too much cheering ... Spencer Jacob are ahead of the Tape Columnist is here that is what you are reading about today ... it's been a lot of people thrown out numbers about mutual fund flows all that shoveling all means ... but does it all mean what what looked at specifically was youthful fund flows ... are very very closely watched him to tell you what retail investors are doing ... and I think that they're both sides of the argument the Bush and their sides and are ... inferring a little bit too much the numbers of the one hand ... you look at it when when retail investors ... start ... putting money into into stock funds again everyone his brother saying ... this money on the sidelines coming to market ... the bets that to simply is false that doesn't ... have that's not the way that the market works I mean ... there's money on the sidelines if I buy some stuff from you ... then you have money in the near my ... son was as though it is only making money hand so much more money but money changes hands every day in the market ... so what is happening is that people are willing to accept the lower return ... or to accept more risk or accept lower return from ... from stocks because they're sick of ... of earning nothing much more news them and getting very low bond yields ... and that that may be happening but that doesn't really represent the flow of money you can look at mutual fund flows ... and really draw conclusions from that ... on the other hand the people who are bearish are saying look at this ... deal last month ... we had that the of the largest blow up into equity Mitchell funds ... ever Mindy it was significantly higher than the previous record of December two thousand ... and one ... month later on the surface of it though that sounds pretty stunning ... it sounds pretty stunning ... aam and in a Jane your is a big month for reallocation ... Ahmad saying this a good sign you it's compared to the other to the the ... the the bullish argument about one in the silence which makes no sense all ... it does make some sense ... to look at the market is a well retail investors are ... are now putting a lot of money to stocks because historically retail investors have our very bad investors they write their timing is bad enough to look again Dalbar and others have done studies ... where he did a typical investor neutral funds ... lagged the market by four or five percentage points with a huge huge difference over many years ... so the timing is bad but this one month's data doesn't tell you that much ... because if you look of last year for the year before for the report that on average topless almost every single month had outflows from stock funds so smile like this is been building up so ... as to what conclusion you draw ... from the team you're seeing right now ... the all the conclusion that I would draw is that YouTube ... and the data it's too sketchy to draw any conclusion from that all of the terms of flowing into eyes that's that's the point the making ... bought ... what I would say is that the the valuations in which people are getting in to stop two were up a hundred twenty seven percent off the ... March two thousand and I know ... we're at a level historically if you look it's limit the Shiller PE ... of where stocks have not had ... a very high return they've returned less than one percent real over the next decade ... that's really what you know what I think people should be focusing on is that people are willing to accept a lower return ... that doesn't mean they were in a new bull market means that people are you know are willing to accept the risk ... know if you had several months of a very high inflows ... and prices going much higher than I'd be more concerned about the the ... the flow data but I think it's too early to ... say that word this is some patents on